Indian Husband And Wife Make Unicorns 1st Time

India’s first couple to touch 1 billion valuation for the first time,both the couple did a great job

Oxyzo Financial Services, a financial technology company co-founded by Ruchi Kalra, announced on Wednesday that it has raised $200 million in its first round of funding, backed by Alpha Wave Global, Tiger Global Management, Norwest Capital Partners, and others. Her husband Asish Mohapatra’s Of Business, which received investment from SoftBank Group Corp.
year ago, They touch the same valuation.

Kalra, 38, and Mohapatra, 41, recently worked at McKinsey & Co. Kalra and Mohapatra are both IIT graduates. Both firms are profitable, which is a rare achievement for a young startup. Oxyzo’s chief executive officer is Kalra, while O fBusiness’s CEO is Mohapatra.

Oxyzo was also funded by Matrix Partners and Creation Investments in one of the largest Series A deals in India’s startup industry.

Kalra, Mohapatra, and three others created Oxyzo in 2017 as an extension of the couple’s initial venture, OfBusiness, which they began with 3 others in mid 2016. In a credit-starved economy where microenterprises struggle to access working capital, Oxyzo employs technology to analyse data and give purchase finance to firms.

Small and medium-sized firms may get bulk raw materials including steel, fuel, food grains, and industrial chemicals through OfBusiness, formerly known as OFB Tech Pvt. According to Mohapatra, it was valued at over $1 billion as SoftBank and others funded in May of last year. According to him, the startup’s valuation hit around $5 billion in December when SoftBank and others invested additional money in it.

Kalra, a partner at McKinsey, quit the firm to start a business with her husband, who had left venture capital firm Matrix.

According to Kalra, the two firms operate independently, with distinct offices and personnel. They do, however, have similar businesses in mind, like production and construction subcontracting. All are established in Gurgaon, New Delhi.

Oxyzo is a supply chain analytics company with over 500 workers and a data warehouse. Since its founding, it has disbursed approximately $2 billion of debt and has been profitable.

Investor Norwest referred to Kalra as India’s “first female creator of a successful, fintech unicorn” in a statement.

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